The Senate took up the nomination of two key positions on May 23 that can influence the housing finance markets. After many months of being held up, the Senate has approved the nomination of Brian Montgomery to lead the FHA as the Assistant Secretary of Housing Urban Development. Additionally, Jelena McWilliams was approved as Chairperson to lead the Federal Deposit Insurance Corporation (FDIC) for a six-year term.
NMHC\NAA supported the nomination of Montgomery through several letters sent to the Senate asking that their approval move forward given the important role FHA has in the multifamily industry. McWilliams appointment will provide crucial leadership to the FDIC as they work with the Federal Reserve and the Office of the Comptroller of the Currency, to undertake updating the Community Reinvestment Act (CRA) that influences banking lending and investment activities related to low and moderate income neighborhoods.
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